Alpaca announced yesterday (Tuesday) it intends to acquire Zincmoney IFSC, a broker-dealer licensed by India's International Financial Services Centres Authority (IFSCA) and operating from the Gujarat International Finance Tec-City (GIFT City).

Alpaca Moves Into India Through GIFT City Acquisition

The deal gives the U.S.-based brokerage API provider access to Indian brokerage licenses and infrastructure through a special financial zone that is targeting global firms seeking a regulated entry point into India's market.

"The acquisition of Zincmoney is critical to building truly global brokerage infrastructure," Yoshi Yokokawa, Co-Founder and CEO of Alpaca, said in a statement. Zincmoney has worked with Indian financial institutions and fintechs since establishing operations in GIFT City.

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Zincmoney operates as a broker-dealer offering international securities and products listed on GIFT City exchanges. The firm also provides services for overseas education funding and restricted stock unit management. The acquisition includes a payment service provider license that processes customer transfers in India.

Alpaca offers multi-asset brokerage infrastructure covering U.S. stocks, options, fixed income, and crypto. The company recently secured Nasdaq exchange membership and won options and fixed income clearing memberships to reduce reliance on third-party clearing.

GIFT City Draws More Financial Firms

The transaction requires regulatory approval from IFSCA, which oversees broker-dealers and other financial intermediaries operating in GIFT City. GIFT City hosts over 1,000 registered entities, including 38 global and Indian banks with combined assets exceeding $100 billion.

Operating with its own market watchdog, it brings a model similar to Dubai's International Financial Centre (DIFC), which houses over 70 brokerage firms under the oversight of the Dubai Financial Services Authority (DFSA). The DIFC reported strong growth in the first half of 2025, with its banking and capital markets cluster expanding to 289 companies.

Mayuresh Kini, who leads Zincmoney IFSC, will become CEO of Alpaca India following regulatory approvals.

"Joining Alpaca allows us to accelerate what we set out to build, making global investing and IFSC products accessible to Indian households through the partners they already trust," Kini said.

Other U.S. financial firms have recently moved into GIFT City. StoneX expanded operations in India last year, establishing offices in Bangalore and Pune while joining the International Bullion Exchange.

Alpaca has been expanding its product set over the past year, launching 24/7 tokenized trading of U.S. equities and partnering with platforms like Gotrade to bring options trading to 22 million investors across Southeast Asia.

The company said the acquisition positions it as a full-stack global brokerage infrastructure provider for brokers, banks, and fintechs launching investing and wealth products. Alpaca has raised over $170 million in funding.